Is Zakat obligatory on a lump sum amount designated to pay off a debt if a whole year has passed on it?

Zakat (definition) is not obligatory on money saved to repay a debt if the debt consumes the entire amount or reduces it below the nisab (definition), unless the debtor possesses other wealth that exceeds his basic needs, which can be used to cover the debt. For zakat to be obligatory on saved money, it must reach the nisab and a full lunar year must pass while it is in the owner's possession, in addition to having other wealth to cover the debt or the remainder of the amount after the debt. It is important to note the prohibition of borrowing from interest-based banks and the necessity of repenting from such actions.